St. Louis, Missouri-based footwear group Caleres Inc. announced on Tuesday that it has acquired a controlling interest in Californian casual shoe brand Blowfish Malibu, which has a trailing 12-month revenue of some $27 million.

The acquisition is expected to be accretive within one year - Instagram: @blowfishmalibuThe acquisition feeds into Caleres’ overall expansion plans and also better positions the company to further explore the increasingly strategically important sneaker and casual lifestyle segments.

Blowfish Malibu was founded thirteen years ago and aims to channel a laid-back and youthful Californian aesthetic with its affordable women’s shoes inspired by the latest trends in European and Asian footwear.

“The decision to partner with Blowfish Malibu was an easy one,” said Diana Sullivan, Caleres CEO, president and chairman, in a release. “Since they were formed in 2005, Blowfish Malibu has focused on interpreting current global trends to create the newest and hottest original styles in women’s footwear, with a great value proposition, and we can’t wait to welcome the team to Caleres.”

“The opportunity to partner with Caleres, and to grow our brand even further, has inspired the entire team at Blowfish Malibu,” stated Don Weiss, Blowfish Malibu co-founder and president. “The support of a strong partner – in terms of sourcing and back-office – is something we’ve been searching for, and we’re glad we found it with Caleres.”

Caleres’ global footwear portfolio covers a wide range of both company-owned and licensed brands including Sam Edelman, Diane von Furstenberg and Dr. Scholl’s Shoes, as well as retailer Famous Footwear. The company, which operates over 1,200 retail locations worldwide and a number of branded e-commerce sites, reported $632.1 million in consolidated sales in Q1 2018.

The company’s acquisition of a majority stake in Blowfish Malibu will be funded using Caleres’ existing cash flow and is expected to be accretive within the year.